AURORA, ON, Sept. 26, 2016 /PRNewswire/ - Magna International
Inc. announced today that it has signed a purchase agreement to acquire the BÖCO Group of Companies, an automotive supplier of
latches, hinges and strikers, to help bolster its product portfolio and engineering capabilities in key regions. Subject to
regulatory approval, the transaction is expected to close in the third quarter of 2016.
Once complete, BÖCO's two facilities located in Wuppertal, Germany, and Tianjin, China, and its approximately 450 employees will be integrated into Magna Closures, an operating
unit of Magna. BÖCO has annual sales of more than 100 million Euro and its customers include the
BMW Group, Daimler and Audi. The addition of BÖCO complements Magna's product portfolio, enhances its engineering capabilities
and strengthens its leadership position in the global closure systems market.
"We believe BÖCO is an excellent fit in terms of technology, footprint and customers, and we look forward to working together
to further grow our business," said John O'Hara, President, Magna
Closures. "BÖCO's product and processing know-how and engineering strength also provides additional global growth
opportunities for us going forward, particularly with automakers based in Germany."
About Magna
We are a leading global automotive supplier with 309 manufacturing operations and 99 product development, engineering
and sales centres in 29 countries. We have over 152,000 employees focused on delivering superior value to our customers through
innovative products and processes, and World Class Manufacturing. We have complete vehicle engineering and contract manufacturing
expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, electronic, active driver
assistance, vision, closure and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York
Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.
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SOURCE Magna International of America Inc.